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Chancellor Strine's View On Disclosures Evolving, Attys Say

Law360, New York (March 1, 2013, 9:17 PM EST) -- In denying an expedited trial for a shareholder challenge to Allergan Inc.'s $958 million acquisition of MAP Pharmaceuticals Inc. last week, Delaware's top deals judge hinted yet again at a narrowing view on the materiality of certain financial metrics in mergers.

Chancellor Leo E. Strine Jr. said the plaintiff hadn't proven that more information about how Centerview Partners conducted its analyses of free cash flow would help shareholders make a better-informed decision. He denied the request, allowing the $25-per-share tender offer, which successfully closed Thursday, to...
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